Altus Power America, Inc. (“Altus Power”) has completed the acquisition of a 2.5-megawatt operating solar project in Charlotte, Vermont. The acquired project generates approximately 3 million kilowatt hours of electricity annually.
This project sells energy to VEPP, Inc, a not-for-profit Vermont Corporation that administers two of Vermont’s Renewable Energy Programs under contract with the Vermont Public Utility Commission.
“We are pleased to add this operating asset to our growing national portfolio of distributed generation solar assets. Altus Power’s reputation for providing sellers with competitive prices and transaction certainty has significantly increased our transaction pipeline,” said Gregg Felton, Managing Partner of Altus Power.
Altus Power’s portfolio includes over 170 total solar assets, including four operating assets in Vermont.
“This transaction highlights Altus’ structuring flexibility; in particular, we were able to satisfy the seller’s preference to exit its equity position in a taxable C-Corporation. We always endeavor to be creative with regards to structure in an effort to be accommodating to our partners,” said Abhi Parmar, Director at Altus Power.
“Altus Power was a great partner in this transaction and proved to be not only highly competent but also both commercial and efficient in their approach,” said Denis Harvie, President of the selling entity.